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The preliminary deal, subject to a six-week period of due diligence, which is expected to be completed by November 4, values the sinking smartphone manufacturer's at 9 dollar-a-share.Watsa further said that they can deliver immediate value to shareholders.

BlackBerry has reportedly unveiled a 4.7 billion dollar deal, set to be acquired by billionaire Prem Watsa's Fairfax Financial, who is touted to be Canada's Warren Buffet.

The preliminary deal, subject to a six-week period of due diligence, which is expected to be completed by November 4, values the sinking smartphone manufacturer's at 9 dollar-a-share.

Watsa said that this transaction will open an exciting new private chapter for BlackBerry, its customers, carriers and employees, Fox News reports.

According to the report, Watsa, resigned as a BlackBerry director in August when the company announced plans to explore a possible sale.

Watsa further said that they can deliver immediate value to shareholders, while continuing to execute a long-term strategy in a private company with a focus on delivering superior and secure enterprise solutions to BlackBerry customers around the world.

Meanwhile, an equity analyst at Morningstar, Brian Colello said that it's possible another bidder emerges for BlackBerry adding that from a private-equity perspective, anything you can do to turn the business around would be a positive, the report added.